Skyharbour Closes Non-Brokered Private Placement of Over $2.1 Million
Suite 1610 – 777 Dunsmuir Street, Vancouver, BC, Canada, V7Y 1K4
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
April 18th, 2017
NEWS RELEASE
Skyharbour Closes Non-Brokered Private Placement of Over $2.1 Million
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company”) is pleased to announce the closing of a non-brokered private placement
for aggregate gross proceeds of just over CAD $2.1 million (the “Financing”). The Company now
has over $3.7 million in the treasury and is fully funded for upcoming diamond drill programs at
its flagship Moore Uranium project located on the southeast side of the Athabasca Basin proximal
to regional infrastructure, as well as nearby development projects and producing mines.
Moore Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg
The Financing consisted of 2,452,660 flow-through shares of the Company (the “FT Shares”) at
a price of CAD $0.60 per FT Share as well as 1,258,000 units (the “Units”) at a price of CAD $0.50
per Unit for combined total gross proceeds of CAD $2,100,596. Each Unit purchased will include
one common share as well as one -half of a common share purchase warrant (“Warrant”). Each
whole Warrant will entitle the holder to purchase one additional common share for two (2) years
at a price of CAD $0.75 per common share. The company plans to use the proceeds to advance
the Moore Uranium project through diamond drill programs planned for the summer of 2017 as
well as the winter of 2018.
Denison Mines Corp. (TSX: DML) (NYSE MKT: DNN) (“Denison”), the Company’s largest
strategic shareholder , and a reporting insider , subscribed to 400,000 Units , as part of the
Financing, for gross proceeds to the Company of $200,000 . Accordingly, Denison has acquired
an additional 400,000 common shares and 200,000 Warrants of the Company.
In connection with the financing, Skyharbour issued a total of 125,922 warrants to finders (the
“Finder’s Warrants”) who introduced certain subscribers to the private placement. Each Finder's
Warrant will entitle the finder to purchase one additional common share for two (2) years at a
price of CAD $0.75 per common share . The Company also paid to finders a total of
CAD$85,248.30 in cash fees associated with this financing. The FT Shares, Units and Warrants
issued under the private placement and any shares issued pursuant to the exercise of the
Warrants and Finder’s Warrants are subject to a four month and one day hold period under
applicable securities laws and imposed by the TSX Venture Exchange.
2
The Company’s President and CEO, Jordan Trimble, stated: “ We are pleased to close this
financing with several new instit utional investors as well as our largest strategic shareholder ,
Denison Mines, participating in the private placement. The Company is well positioned financially
with over $3.7 million in its treasury to fund the planned and upcoming drill programs at its flagship
Moore Uranium Project. Given the previously reported high grade drill results from our winter 2017
program, we are already planning a summer drill program as we await final geochemical assay
results for the final ten drill holes. The Company will also benefit from news flow from upcoming
exploration programs being planned with strategic partners AREVA Resources Canada and
Azincourt at the Preston Uranium project , in addition to future cash payments from the partner
companies to Skyharbour as per the respective option agreements. Skyharbour continues to
execute on its business model by adding value to its project base in the Athabasca Basin through
focused mineral exploration at its flagship Moore Uranium Project, as well as utilizing the prospect
generator model to advance its other projects with strategic partners.”
Moore Uranium Project Drill Program Update:
Skyharbour previously announced the results of the first five drill holes in this first phase of drilling
at the Moore Uranium Project (see news release dated Feb. 27, 2017) . Drill holes ML -199 and
ML-200 tested gaps and the margins of the Main Maverick lens and ML -202 was drilled as a 75
metre step-out hole E-NE of the eastern margin of the Main Maverick lens. Hole ML-199 returned
geochemical assays of 6.0% U3O8 over 5.9 metres from 261.6 to 267.5 metres including 20.8%
U3O8 over 1.5 metres from 264.0 to 265.5 metres downhole.
Moore Uranium Project Winter 2017 Drill Program:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Maverick-Corridor-Map.jpg
Drill hole ML-202 represents the discovery of a new high grade mineralized lens on the property
Downhole probing identified a 10.7 metre mineralized interval from 266.6 to 277.3 metre s that
returned 1.4% eU3O8 including 5.6% eU3O8 over 1.8 metres from 274.2 to 275.7 metres . The
recently completed winter drill program was originally budgeted for 3,500 metres but was
increased to 5,500 metres in light of the e arly drilling success and operational efficiencies. The
Company is awaiting the geochemical assay results for the final ten drill holes from this phase 1,
2017 winter drilling program program.
Moore Uranium Project Maverick Zone Drilling:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Main-and-East-Maverick.jpg
Moore Uranium Project Maverick and Goose Zones Drilling:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Goose-Main-and-East-Maverick.jpg
Given the high grade uranium mineralization intersected in the drill program and the encouraging
visual indicators and elevated radioactivity in the final drill holes (assays pending), Skyharbour is
currently planning a 2017 summer diamond drilling program to follow up on the successful phase
one results. More news will be forthcoming on the planned summer program, as well as future
drilling campaigns. Skyharbour has also now paid CAD $200,000 to Denison Mines as part of its
option to acquire a 100% interest in the Moore Uranium Project, leaving a CAD $100,000 cash
payment due by July 31st, 2020, and a $200,000 cash payment due by July 31st, 2021.
Moore Uranium Project Regional Drill Targets:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium and thorium exploration projects in Canada's
Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals
with five drill-ready projects. In July 2016, Skyharbour acquired an option from Denison Mines to
acquire 100% of the Moore Uranium Project which is located 20 kilometres east of Denison’s
3
Wheeler River project and 39 kilometres south of Cameco’s McArthur River mi ne. Moore is an
advanced stage uranium exploration property with a high grade uranium zone known as the
Maverick Zone returning drill results of up to 6.0% U3O8 over 5.9 metres including 20.8% U3O8
over 1.5 metres at a vertical depth of 265 metres . Skyharbour and its Preston Project partner
Clean Commodities recently signed an option agreement with AREVA Resources Canada
whereby AREVA can earn in 70% on the Preston Project through $8 million in project
consideration. Preston is a large, geologically prospective property proximal to Fission Uranium’s
Triple R deposit as well as NexGen Energy’s Arrow deposit. The Company also owns a 100%
interest in the Falcon Point Uranium Project on the eastern perimeter of the Basin which contains
an NI 43 -101 inferred resource totaling 7.0 million pounds of U3O8 at 0.03% and 5.3 million
pounds of ThO2 at 0.023%. The project also hosts a high grade surface showing with up to 68%
U3O8 in grab samples from a massive pitchblende vein, the source of which has yet to be
discovered. The Company’s 100% owned Mann Lake Uranium project on the east side of the
Basin is strategically located adjacent to the Mann Lake Joint Venture operated by Cameco,
where high -grade uranium mineralization was recently discovered. Skyharbour’s go al is to
maximize shareholder value through new mineral discoveries, committed long-term partnerships,
and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour’s Uranium Project Map in the Athabasca Basin:
http://skyharbourltd.com/_resources/SYH_Landpackage_2014.jpg
To find out more about Skyharbour Resources Ltd. (TSX -V: SYH) visit the Company’s website
at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
“Jordan Trimble”
Jordan Trimble
President and CEO
For further information contact myself or:
Nick Findler
Corporate Communications
Skyharbour Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS
NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward -looking statements". All
statements in this release, other tha n statements of historical facts, that address events or developments
that management of the Company expects, are forward -looking statements. Although management
believes the expectations expressed in such forward -looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance, and actual results or
developments may differ materially from those in the forward-looking statements. The Company undertakes
no obligation to update these forward -looking statements if management's beliefs, estimates or opinions,
or other factors, should change. Factors that could cause actual results to differ materially from those in
forward-looking statements, include market prices, exploration and development successes, continued
availability of capital and financing, and general economic, market or business conditions. Please see the
public filings of the Company at www.sedar.com for further information.